BONDUELLEA French SCA (Partnership Limited
by Shares) with a capital of 56,491,956.50 EurosHead Office: La
Woestyne, 59173 Renescure, France.Registered under number: 447 250
044 (Dunkerque Commercial and Companies Register)
First Half Year 2017-2018 Financial
Results(1st July 2017 - 31st December 2017)
Strong growth in the activity and
profitability for the Bonduelle Group for the first half of
FY 2017-2018 and a new acquisition in North America
Good resilience for the historical group's scope
of businessGrowth and profitability strengthened by the acquisition
of Ready Pac FoodsA sound financial structureStrong growth for
annual turnover and current operating profitability expected for
2017-2018Acquisition of the Del Monte activity in Canada
The 2017-2018 half-year financial statements
were reviewed by the General Partner, then by the Supervisory Board
on the 28th of February 2018 and audited by the Statutory
Auditors.
Significant Results
(in € millions) |
1st HY 2017-2018 |
1st HY 2016-2017 |
Variation |
Turnover |
1,420.3 |
1,025.6 |
38.5% |
Current Operating Result |
66.- |
61.- |
8.3% |
Current Operating Margin |
4.6% |
5.9% |
- 130 bp |
Consolidated Net Profit |
37.7 |
36.5 |
3.3% |
Net Financial Debt |
826.5 |
584.2 |
242.3 |
For the first half of FY 2017-2018, the
Bonduelle Group recorded a strong growth of its turnover and
profitability thanks to the acquisition of Ready Pac Foods, now
Bonduelle Fresh Americas, consolidated over 6 months.Beyond the
first effects of this transforming acquisition, the historical
scope of business of the group showed a remarkable resilience and
recorded a growth in turnover and current operating result.The
strict financial discipline of the group enables to report a sound
financial structure post-acquisition.
TurnoverThe Bonduelle Group's turnover
stands at 1,420.3 millions of euro for the 1st half of financial
year 2017-2018, an increase of + 38.5% thanks to the integration of
Ready Pac Foods over 6 months and a growth of + 1.6% on a like for
like basis*, the exchange rates having had little impact over the
period.
Activity by Geographic Region
Total consolidated turnover(in €
millions) |
1st HY 2017-2018 |
1st HY 2016-2017 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Europe Zone |
633.3 |
632.1 |
0.2% |
0.1% |
Non-Europe Zone |
787.- |
393.5 |
100.-% |
4.-% |
Total |
1,420.3 |
1,025.6 |
38.5% |
1.6% |
Activity by Operating Segments
Total consolidated turnover(in €
millions) |
1st HY 2017-2018 |
1st HY 2016-2017 |
Variation at current exchange rates |
Variation at constant scope of consolidation and exchange
rates |
Canned |
522.4 |
504.5 |
3.6% |
3.2% |
Frozen |
316.4 |
318.8 |
- 0.8% |
0.4% |
Fresh Processed |
581.5 |
202.4 |
187.4% |
- 0.6% |
Total |
1,420.3 |
1,025.6 |
38.5% |
1.6% |
Europe ZoneThe Europe zone, 45% of the
total consolidated sales, remained stable over the first 6 months
to post + 0.2% on reported figures and + 0.1% % on a like for like
basis*.The can business segment for the Bonduelle and Cassegrain
brands continued to grow and gain market shares at the expense of
the private label activity, along with the frozen business segment
in retail and food service, partially offset by the decrease in
sales to industrials and other food companies. The fresh process
(delicatessen and single-serve salad bowls) and ready-to-eat
(fresh-cut salad in bags) business segment saw a slight return to
positive growth over the 2nd quarter.The performances recorded,
despite a slight improvement observed in the 2nd quarter and a
return to positive growth, nevertheless confirmed a sluggish
consumption climate in the Europe zone.
Non-Europe Zone The non-Europe zone, now
55% of the total consolidated sales of the group, doubled its sales
over the period based on reported figures thanks to the
consolidation of Ready Pac Foods over 6 months and a growth of +
4.-% at constant scope of consolidation and exchange rates*.A
moderate recovery in food consumption in Russia, a favorable basis
for comparison and the excellent activity recorded over the 1st
quarter enabled the Eastern Europe zone to post solid growth over
the first 6 months. The canned and frozen segments stability in
North America, linked to production capacities now limited, and the
anticipated slowdown in sales in Brazil coupled with the
repositioning of the canned products category, explained the
limited development of the activity of the zone over the period on
a like for like basis*.Ready Pac Foods, now Bonduelle Fresh
Americas, with a growth of + 8.5% over 6 months, confirmed the
expected increase in the activity on a pro-forma basis, despite a
challenging transition between the supply areas, causing limited
disruptions but additional costs needed to ensure high quality
customer service.
Operating ProfitabilityThe current
operating result stands at 66.- million of euro against 61.- last
FY, an increase of 8.3% based on reported figures and 1.7% on a
like for like basis*.In addition to the contribution of Ready Pack
Foods to the group's profitability, more limited than expected due
to sourcing issues, the group records on its historical scope of
business a growth in current operating profitability both in the
Europe and Non Europe zones, highlighting its valuation strategy
and growth in highly profitable areas.After non recurrent items,
the operating profitability stands at 64.9 million of euro.
Net ResultThe net financial expenses
amount to 13.8 million of euro against 9.5 million of euro last
financial year, the evolution of the latter being mainly linked to
the acquisition of Ready Pack Foods, the debt interest rate
remaining stable at 2.76% despite the refinancing of the
acquisition in US dollar over longer terms. After result of
companies consolidated by equity method and corporate tax
deduction, amounting to 13.4 million of euro with an effective tax
rate of 26.2% over the period, the net result stands at 37.7
million of euro against 36.5 million of euro last FY.
Financial SituationThe group's net
financial debt stands on the 31st of December 2017 at 826.5,
million of euro, at a debt peak when considering the seasonal
nature of its activity, against 584.2 million of euro last FY, with
a gearing ratio of 1.32.The evolution of the debt is linked to the
acquisition of Ready Pack Foods. Adjusted for this acquisition, the
gearing ratio stands at 0.72, a substantial improvement when
compared to the 31st of December 2016.
HighlightsAcquisition of Del Monte
business in CanadaBonduelle announced on February, 20, 2018
that it has signed an agreement with Conagra Brands Inc. to acquire
its Del Monte processed fruit and vegetable business in Canada.The
acquisition includes the right to use the Del Monte brand on
different segments of processed fruits and vegetables and stocks of
products marketed by Conagra for a total value of $43 million
Canadian. The acquired business excludes all industrial and
personnel assets because co-packers and Bonduelle's existing
production capabilities will be used.This transaction will become
final after suspensive conditions are lifted before the end of May
2018.Conagra's Del Monte business in Canada, with revenues of
approximately $60 million Canadian, will complement Bonduelle
Americas Long Life business unit's canned and frozen vegetable
business, which is largely conducted under retailer's store brands.
This highlights the group's desired development in brand activities
and expansion beyond vegetables to vegetable products.
The Bonduelle Group received the "Award for
the Best Environmental Reporting"This distinction, awarded by
the French Ministry for the environment, highlights the commitment
of the Bonduelle Group regarding its impact on the environment that
started many years ago. Thanks to the co-workers' commitment and
the desire from top management to make of CSR a strategical axis,
the company released its first CSR reporting in 2003. The group
uses it as an on-going improvement tool for its agro industrial
activity.
The Bonduelle Groups is awarded the 1st prize
for "Corporate Governance of Mid-Cap".The Bonduelle Group
received the 1st prize for the Corporate Governance of mid-cap
companies during the 14th edition of the Grand Prix of the AGEFI
for Corporate Governance.The jury honored the family-owned group's
willingness to maintain an open and independent governance made of
highly diversified profiles, notably by adopting, as early as 2008,
the Afep-Medef code of corporate governance.
OutlooksBased on the performance recorded
over the first 6 months of FY 2017-2018, the group confirms its
growth prospects for its turnover of circa 25 % at constant
exchange rates, in line with the objective announced last October.
Despite the climate hazards observed, the time lag between the
effectiveness and productivity measures initiated by Bonduelle
Fresh Americas, the group expects a current operating profitability
of 126 to 130 million of euro at constant exchange rates, an
increase of circa 20 %.
* at constant currency exchange rate and scope
of consolidation basis. The turnover in foreign currency over the
given period is translated into the rate of exchange for the
comparable period. The impact of business acquisitions (or gain of
control) and divestments is restated as follows
- For businesses acquired (or gain of control) during the current
period, revenue generated since the acquisition date is excluded
from the organic growth calculation;
- For businesses acquired (or gain of control) during the prior
fiscal year, revenue generated during the current period up until
the first anniversary date of the acquisition is excluded;
- For businesses divested (or loss of control) during the prior
fiscal year, revenue generated in the comparative period of the
prior fiscal year until the divestment date is excluded;
- For businesses divested (or loss of control) during the current
fiscal year, revenue generated in the period commencing 12 months
before the divestment date up to the end of the comparative period
of the prior fiscal year is excluded.
Alternative performance indicators: the group presents in its
financial notices performance indicators not defined by accounting
standards. The main performance indicators are detailed in the
financial reports available on www.bonduelle.com.
Next financial events
- 2017-2018 3rd Quarter FY Turnover:
2nd of May 2018 (after stock exchange trading session)- 2017-2018
Financial Year Turnover:
6th of August 2018 (after stock exchange trading session)-
2017-2018 Annual Results:
1st of October 2018 (prior to stock exchange trading session)
Find the complete Half Year results on
www.bonduelle.com
About Bonduelle
Bonduelle, a family business, was established in
1853. Its mission is to be the world reference in "well-living"
through vegetable products. Prioritising innovation and long-term
vision, the group is diversifying its operations and geographical
presence. Its vegetable, grown over more than 130,000 hectares all
over the world, are sold in 100 countries under various brand names
and through various distribution channels and technologies. Expert
in agro-industry with 54 industrial sites or own agricultural
production, Bonduelle produces quality products by selecting the
best crop areas close to its customers.Bonduelle is listed on
Euronext compartment AEuronext indices: CAC MID & SMALL - CAC
ALL TRADABLE - CAC ALL SHARESBonduelle is part of the Gaïa
non-financial performance index and employee shareholder index
(I.A.S.)Code ISIN : FR0000063935 - Code Reuters : BOND.PA - Code
Bloomberg : BON FP
Attachment:
http://www.globenewswire.com/NewsRoom/AttachmentNg/5637cf33-a6a6-4f09-91fc-5fc21d48a9b1
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